Crypto Miners Disconnect En Masse as Profits Fall
Bitcoin mining has become unprofitable as up to 800.000 miners were turned off in November. The sharp decline in the value of digital money has led to the fact that many entrepreneurs are forced to exit the market as their devices operated at a loss, Mao Shixing the founder of F2pool mining pool has said in an interview to Coindesk.
With the current market situation - as of November 25, the price of bitcoin dropped to $3,600, the work of miners who use Antminer T9 + from Bitmain and AvalonMiner 741 from Canaan Creative became unprofitable, and over the past two weeks, from 600 thousand to 800 thousand of similar devices were disabled.
Black Friday Over: BTC & Top-100 Show Revival Signs
The main cryptocurrency on the night of Monday, November 26, unexpectedly for experts and traders, changed the dynamics of movement and began to grow aggressively. Just a day before, bitcoin, on the contrary, was rapidly losing in price, and some crypto opponents were expecting the coin to trade below $3,000y Sunday evening. However, Bitcoin changed its direction and began to gain value.
The decline in the attractiveness of the main cryptocurrency occurred after the U.S. Department of Justice initiated a criminal investigation. The authorities are inclined to believe that the price of the first crypto has grown aggressively and before the new year it broke through the $20,000 mark due to a market manipulation related to the behavior of tether, the stablecoin that is claimed to be 1:1 backed by the American dollar.
Futures Expiration No Longer Affects Bitcoin?
On the last Friday of each month, CME bitcoin futures expire. This time, the Day X will come on November 30. Earlier, before the expiration of futures contracts, the price of bitcoin fell. But there is an opinion that, given the already significant downfall, futures will not affect the price.
On November 26, the cost of the first cryptocurrency dropped to $3,746. The price of the asset began to decline after it previously exceeded $4,100. Some analysts believe that in the next day or two the cost of bitcoin may be fixed near the mark of $4,000. However, we should not forget that on Friday, the CME exchange has deadlines for another batch of bitcoin futures. As a rule, it drops the BTC price by several points.
- Notorious Coincheck Resumpts XRP and FTC Trading
A bitcoin wallet and exchange service headquartered in Tokyo, Coincheck has announced the resumption of trading pairs for XRP and FCT tokens.
- Huobi & OKCoin Invest $15M in New Crypto Platform
The BHEX cryptocurrency project attracted $15 million in investment from Huobi Global, OKCoin, Node Capital, Genesis Capital, City Holdings and other companies. Among the founders of BHEX listed former technical director of Huobi, James Ju.
- Bitcoin Exchange Huobi Receives DLT License in Gibraltar
The authorities of Gibraltar have issued a license for the provision of services in the field of distributed registry technology (DLT) to the cryptocurrency exchange Huobi.
- Novogratz: Cryptocurrency to Flip Next Year
Founder of Galaxy Digital investment fund, Mike Novogratz has said that he expects cryptocurrency to flip next year.
At 18:10 (GMT) total cryptocurrency market capitalization stands at $124.2 billion
Metaverse ETP (+35.98%) showed the best growth in the top-100
The trading volume of cryptocurrencies for 24 hours reached $19.52 (+0.53 billion per day)
- BTC $1.40 for 10 TH/s
- ETH $0.10 for 10 MH/s
- BCH $7.33 for 1 TH/s
- LTC $2.18 for 1 GH/s
- DASH $0.03 for 1 GH/s